Federal Signal Reports Profit In Q2 - Quick Facts

(RTTNews) - Federal Signal Corp. (FSS), Friday reported a turn around to profit in the second quarter, reflecting an increase in revenue, and a non-cash benefit from the release of valuation allowance against deferred tax assets.

Net profit for the period was $117.5 million or $1.87 per share, compared with net loss of $16.5 million or $0.26 per share last year.

Excluding a non-cash tax item of $102 million, as well as the impact of restructuring benefits, adjusted income from continuing operations was $14.8 million or $0.23 per share. On average, three analysts polled by Thomson Reuters expected earnings per share of $0.14 for the quarter. Analysts' estimates typically exclude one-time items.

Consolidated net sales were $222.6 million for the three-month period, a 9 percent increase from prior year's $204.4 million. Analysts expected the company to report revenues of $208.80 million.

Looking forward, the company said it raised its full-year adjusted earnings per share from continuing operations, and expects it to be in the range of $0.62 per share to $0.72 per share. Analysts expect the company to report earnings of $0.59 per share for the year.